2013 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 90 - CAPTIVE INSURANCE COMPANIES
SECTION 38-90-55. Incorporation of a captive reinsurance company.
(A) A captive reinsurance company must be incorporated as a stock insurer with its capital divided into shares and held by its shareholders.
(B) A captive reinsurance company may not have fewer than three incorporators of whom at least two must be residents of this State.
(C) Before the articles of incorporation are transmitted to the Secretary of State, the incorporators shall petition the director to issue a certificate finding that the establishment and maintenance of the proposed corporation promotes the general good of this State. In arriving at this finding the director may consider:
(1) the character, reputation, financial standing, and purposes of the incorporators;
(2) the character, reputation, financial responsibility, insurance experience, and business qualifications of the officers and directors; and
(3) other factors the director considers advisable.
(D) The capital stock of a captive reinsurance company must be issued at par value or greater.
(E) At least one of the members of the board of directors of a captive reinsurance company incorporated in this State must be a resident of this State.
HISTORY: 2001 Act No. 58, Section 3, eff May 29, 2001; 2009 Act No. 28, Section 4, eff June 2, 2009.
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